Description

Offered for sale by the original developing family for the first time since it was constructed, the property is not subject to Los Angeles Rent Control, instead allowing for larger annual rent increases under California AB 1482. Spanning 28,599 square feet on a large 23,876 square foot lot, the building features spacious floorplans and a balanced mix of primarily two-bedroom and one-bedroom apartments. With high visibility along one of the largest streets in the San Fernando Valley, the property is situated between Van Nuys Boulevard and Woodman Avenue. This location allows tenants to be near the upcoming East San Fernando Valley Light Rail line, with a station planned for the corner of Sherman Way and Van Nuys Boulevard. In addition to providing quick transport within the Valley, this light rail line will offer residents convenient connections to both the Metrolink train and the Metro Orange and Red Lines. The property is not on the Los Angeles Department of Building and Safety's seismic retrofit list (Buyer to verify), saving a new investor a substantial amount of proceeds. Additional income is provided via the on-site laundry facilities.